Where Did the Proposed Rules Go? Last year, NRMLA commented on three proposed rules published by HUD: one that would make further changes to the HECM program; a supplement to that proposal that would require mandatory assignments of HECM reverse mortgages at 98 percent of the maximum claim amount; and another that would modernize the department’s condo approval and recertification rules.

The comment periods are closed and now we await publication of the final rules. But when will they be published and what is HUD doing in the meantime?

The presidential transition and change in administrations creates some uncertainty about the timelines for publication. It could take time for the new staff and leadership to review their contents before moving forward to finalize them.

The federal rulemaking process requires HUD to review and assess all public comments before drafting its final rule. According to the Office of the Federal Register’s Guide to the Rulemaking Process, at the end of the comment review, the agency must base its reasoning and conclusions on the rulemaking record, consisting of the comments, scientific data, expert opinions and facts accumulated during the pre‐rule and proposed rule stages.

Before the final rule can be published, it must be reviewed by the Office of Management and Budget, which prepares a final analysis of estimated costs and benefits that may take into consideration any comments and alternate solutions suggested in public comments.

Agencies may also use this review and analysis phase to consult with other agencies that share responsibility for issues covered by the rule, such as the CFPB. NRMLA will continue to monitor the progress of the rulemaking and share updates as they become available. If you’d like to read NRMLA’s comments in their entirety, or learn more about the federal rulemaking process, login to read this article on nrmlaonline.org.

Save These Dates: 2017 Conference Schedule NRMLA’s conferences offer an excellent opportunity for members to stay abreast of important issues and trends, earn continuing education credits, network with colleagues and meet with business partners.

Start planning your year around these dates:

• Eastern Regional Meeting & Expo. April 3-4, InterContinental New York Times Square, New York
• Western Regional Meeting & Expo. May 16-17, Hyatt Regency Huntington Beach Resort and Spa, Huntington Beach, California
• Annual Meeting & Expo, November 13-15, The Palace Hotel, San Francisco, California

DeMarkey, Jahangiri Re-Elected Co-Chairs of NRMLA

The Board of Directors re-elected Joe DeMarkey of Reverse Mortgage Funding LLC and Reza Jahangiri of American Advisors Group to serve as co-chairs of NRMLA from now until the 2017 Annual Meeting.

DeMarkey is the strategic business development leader at Reverse Mortgage Funding. He is also responsible for government and industry relations. DeMarkey has served on the Board of Directors since 2003 and as co-chairman since October 2011.

Jahangiri is the founder and CEO of American Advisors Group. He has served on the Board of Directors since 2012 and as co-chairman since November 2014.

In addition to DeMarkey and Jahangiri, NRMLA congratulates the following elected officers to the executive committee:

• Sherry Apanay, Finance of America Reverse – Vice Chair
• Mark Browning, HomeChex – Vice Chair
• Jason McNamara, Celink – Treasurer
• Mike Kent, Liberty Home Equity Solutions – Secretary

Directors John Button ReverseVision San Diego, California

Jim Cory, CRMP LiveWell Financial San Diego, California

George Downey, CRMP Harbor Mortgage Solutions Braintree, Massachusetts

Paul Fiore American Advisors Group Orange, California

Leslie Flynne Reverse Mortgage Solutions Houston, Texas

Rick Gilmartin Nationstar Lewisville, Texas

Michael Gruley, CRMP 1st Nations Reverse Mortgage Ann Arbor, Michigan

Michael Hild LiveWell Financial Richmond, Virginia

Chris Mayer Longbridge Financial, Inc. Mahwah, New Jersey

Michael McCully New View Advisors New York, New York

Kristen Sieffert Finance of America Reverse Tulsa, Oklahoma

Robert Sivori Reverse Mortgage Funding Bloomfield, New Jersey

Gregg Smith One Reverse Mortgage San Diego, California

Patty Wills, CRMP Open Mortgage Rockville, Maryland

Senior Home Equity Reached $6.1 Trillion in Q3 2016 Equity held by homeowners aged 62 and older increased $152 billion, or 2.6 percent, in the third quarter of 2016, bringing the total to $6.1 trillion. The gains, largely driven by a 2.3 percent increase in home values, pushed the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) up to 217.34, another all-time high since the quarterly index was first published in 2000.

“The upward trajectory of the RMMI tells us that housing wealth continues to provide senior homeowners with a financial resource they can use to support their needs during their retirement years when income is dependent on Social Security, investment assets and pensions,” says NRMLA President and CEO Peter Bell. “The positive trend is also reassuring for homeowners nearing retirement age who are less likely than their predecessors to leave the workplace with a defined benefit plan and also more likely to have long-term debt.” NRMLA Presents Webinar to ASA Members On December 9, NRMLA hosted “Women and Retirement Security: Challenges and Solutions,” a free webinar for members of the American Society on Aging that was also open to the public. The hourlong presentation featured three distinguished speakers who identified the leading drivers of retirement insecurity among women and discussed financial options women should consider, including using a reverse mortgage to supplement retirement savings.

Lara Hinz of the Women’s Institute for a Secure Retirement (WISER) discussed the drivers of women’s retirement insecurity and steps women can take to prepare for unexpected financial events, such as health emergencies, divorce and widowhood. Jocelyn D. Wright, MBA, CFP, the State Farm Chair in Women and Financial Services and Assistant Professor of Women’s Studies at The American College of Financial Services, talked about the importance of building women’s confidence in financial decision-making and times when it makes sense to meet with an advisor. And Lorraine Geraci, an instructor and member of NRMLA’s Education Committee, explained strategies and tools, including reverse mortgages, available to older homeowners seeking to convert a portion of their housing wealth into a liquid asset that can supplement savings.

New Members NRMLA welcomes the following new members:

• 1st Legacy Capital LLC, based in Columbus, MS
• Baseline Reverse, based in St. Johns, Florida
• Kaye Financial Corporation, based in West Bloomfield, Michigan
• Madison Paige Capital LLC, based in New York
• Traditional Mortgage Acceptance Corporation, based in Bellevue, Washington

Congratulations, New CRMPs NRMLA congratulates the following individuals for achieving the status of Certified Reverse Mortgage Professional (CRMP).

• Kurt Kessler, thereversemortgagecompany.com, based in San Ramon, California
• Jill Gromm, Alliance Reverse Mortgage, based in Santa Rosa, California
• John Leer, KleinBank, based in Victoria, Minnesota